SFT-006 Payment towards Credit Card

Not in ITR, but keep the statement ready for future, in case it is been asked.

Namaste Sir,

I have multiple credit cards and I also  rotating the credit card monthly which is  approximately 8 Lakhs in a month and I also know that it will definitely show in my SFT-006 . I recently filled ITR this year where my SFT-006 was 33Lakhs. But this year it may cross 90 Lakhs.y

Right now my annual income is 4 Lakhs.

Is there any problem can happen in future 

 please tell .

Yes, query would be raised by ITD. Better avoid such virtual transactions.

But if you are acustomed with such queries, then may continue with benefits.

Sir Now I set a limit on all my credit cards in such a way that after using all that regularly  at the end in the financial year it will not cross the 10Lakh limit so that it will not notify in SFT - 006.

Is it works ?

Yes, but make sure no cash payments of the bills.

Thank you Sir.

Sir I just have a last query that if I do more upi transactions like receiving money from my friends who are using my credit card every month and later used that money to payment regarding my credit card bills every month, is it attract attention of income tax department.

In simple words,is more upi transactions like 8Lakh in every month in multiple savings account which are link to a single PAN Card, can attract attention of income tax ?

Yes, as transaction volume would be around 1 Cr. for the year, while your income would be less than 10L.

Better to file these transaction as business transactions.

Sir can you please guide me   how to make that transactions as business transactions as to open a current account or anything else.

As I don't have any GST number.

No GST registration required upto 20 lakhs transactions, unless any foreign deals.

For more details need to study the nature of transactions, contact any nearby CA for its evaluation.